The king is dead. Long live the king. No longer will the Impreza name be used for Subaru's turbocharged four-wheel drive performance legend. That name will only be applied to normally aspirated and diesel models henceforth. Instead, the WRX STi moniker alone is deemed to be sufficient for the range-topper.

I was rather pleased when the latest generation of STi was unveiled three years ago – it was a normal, practical five-door hatch and it was softer than previous hardcore Imprezas meaning that it was less of a chore to drive day-to-day. I ran one for a year and grew to like it a great deal. But it seems that I was in the minority and this revamp is designed to recapture the hearts of the enthusiast.

For the first time since the RB320 of 2007, there is now a four-door option, too. It looks like fast Subarus always have: a bit bland from some angles and immensely tough from others. What's missing? Well, the boot spoiler is now a rather apologetic affair, totally at odds with the flared arches, squat stance and quad tail pipes: I'm hoping that a decent skyscraper will be available soon – after all, if you are going to be a bear, you may as well be a grizzly.

The big changes come under the skin in the shape of comprehensive chassis revisions. Subaru has opted to go for the Japanese market "Spec-C" suspension setup. Rear springs are stiffened up by a staggering 53 per cent (the fronts by a more reasonable 15 per cent), anti-roll bars front and rear have been beefed up and the ride height lowered by 5mm. The 18in alloys are standard, and 2kg lighter, reducing unsprung mass.

The result is a car that feels noticeably stiffer on the road albeit with improved steering feel. The ride was a bit choppy at times but body control very impressive.

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We also had the chance to drive the car on the racetrack where the tauter chassis paid greater dividends and made the car surprisingly good fun. The adjustable centre diff allows the driver to tailor the car's cornering stance through understeer to fairly significant oversteer.

Despite power and torque remaining unchanged it still feels hugely quick, thanks to the sledge-hammer mid-range punch. Crucially, it now sounds much better than before – the previous STi had all but dispensed with the distinctive flat-four soundtrack. But in the new car, the burble is very definitely back. While that may lift the spirits of the Subaristi, news that the trademark WR Blue has been erased from the colour palate probably won't.

There is another big stumbling block facing the STi in the shape of the strong Yen. This means the UK price has soared – from £27,590 to £32,995. This staggering leap means that the Impreza is now more expensive than an Audi S3 and its Japanese arch rival the Mitsubishi Evo X FQ-300. In fact it is in serious danger of doing battle with the likes of the BMW 335i. And while Subaru is claiming improvements in interior quality there is still too much hard plastic and too many flimsy-feeling control interfaces: it is now punching well below its price tag in terms of perceived quality.

There is much to scratch your head about here, but plenty to love, too. It's a sharper driving tool than ever thanks to the upgrades and still characterful. Subarus have always attracted left-field customers but at this price there are a lot of very good rivals.

THE FACTS

Tested: Subaru WRX STi Type-UK four-door

Price/on sale: £32,995/now

Power/torque: 296bhp @ 6000rpm/ 300lb ft @ 4000rpm

Top speed: 158mph

Acceleration: 0-62mph 5.2secs

Fuel economy: 26.9mpg (EU Combined)

CO2 Emissions: 243g/km

VED band: L (750 first year)

Verdict: A more focused steer and still a performance icon, but now a bit too expensive.